But US automakers did better than expected while Japanese brands did worse.
Is the automaker, an icon of brawny American capitalism, among the first to confront an 'era of diminishing expectations'?
The automaker got key concessions from bondholders this weekend to help smooth bankruptcy proceedings, which are expected to begin Monday.
Henry Ford was the very image of the America of his day: idealistic and far too self-assured.
The Obama team is helping to push the automaker's debt holders, unions, and executives toward tough choices, but the risks of intervention are many.
The Treasury Department gives bondholders a better deal in order to move GM through its looming bankruptcy more quickly.
Chrysler's experience suggests that the Chapter 11 process doesn't have to be lengthy, especially if the government has agreed to chip in billions of dollars in aid.